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Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of Financial Instruments1 [Abstract]  
Disclosure of financial assets
The following tables provide the carrying values and fair values of our financial instruments by category, as well as the associated fair value hierarchy levels as defined in note 2 under “Fair value measurements”. The carrying value is a reasonable approximation of fair value for cash and cash equivalents, receivables, and payables and accrued liabilities
due to their short-term nature. The carrying values of long-term debt include any current portions and exclude deferred financing costs.
December 31, 2024LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$641 $— $— $641 $641 
Receivables3292 — — 292 292 
Interest rate swaps2
2— 2 — 2 2 
Electricity swaps2
3— 13 — 13 13 
$933 $15 $— $948 $948 
Financial liabilities
Payables and accrued liabilities
3$— $— $600 $600 $600 
Long-term debt1
2— — 200 200 200 
Electricity swaps2
3— 12 — 12 12 
$— $12 $800 $812 $812 
1.The fair value of long-term debt is based on rates available to us at December 31, 2024 for long-term debt with similar terms and remaining maturities.
2.The value of our interest rate swap contracts is included in receivables in our consolidated balance sheet at December 31, 2024. The current portions of our electricity swap contracts are included in receivables and payables and accrued liabilities. The non-current portions of our electricity swap contracts are included in other assets and other liabilities.
December 31, 2023LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$900$—$—$900$900
Receivables3302——302302
Interest rate swaps2
2—6—66
Electricity swaps2
3—22—2222
$1,202$28$—$1,230$1,230
Financial liabilities
Payables and accrued liabilities
3$—$—$620$620$620
Long-term debt1
2——500500494
Electricity swaps2
3—12—1212
$—$12$1,120$1,132$1,126
1.The fair value of long-term debt is based on rates available to us at December 31, 2023 for long-term debt with similar terms and remaining maturities.
2.The value of our interest rate swap contracts and the current portions of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The non-current portions of our electricity swap contracts are included in other assets and other liabilities.
Disclosure of financial liabilities
The following tables provide the carrying values and fair values of our financial instruments by category, as well as the associated fair value hierarchy levels as defined in note 2 under “Fair value measurements”. The carrying value is a reasonable approximation of fair value for cash and cash equivalents, receivables, and payables and accrued liabilities
due to their short-term nature. The carrying values of long-term debt include any current portions and exclude deferred financing costs.
December 31, 2024LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$641 $— $— $641 $641 
Receivables3292 — — 292 292 
Interest rate swaps2
2— 2 — 2 2 
Electricity swaps2
3— 13 — 13 13 
$933 $15 $— $948 $948 
Financial liabilities
Payables and accrued liabilities
3$— $— $600 $600 $600 
Long-term debt1
2— — 200 200 200 
Electricity swaps2
3— 12 — 12 12 
$— $12 $800 $812 $812 
1.The fair value of long-term debt is based on rates available to us at December 31, 2024 for long-term debt with similar terms and remaining maturities.
2.The value of our interest rate swap contracts is included in receivables in our consolidated balance sheet at December 31, 2024. The current portions of our electricity swap contracts are included in receivables and payables and accrued liabilities. The non-current portions of our electricity swap contracts are included in other assets and other liabilities.
December 31, 2023LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$900$—$—$900$900
Receivables3302——302302
Interest rate swaps2
2—6—66
Electricity swaps2
3—22—2222
$1,202$28$—$1,230$1,230
Financial liabilities
Payables and accrued liabilities
3$—$—$620$620$620
Long-term debt1
2——500500494
Electricity swaps2
3—12—1212
$—$12$1,120$1,132$1,126
1.The fair value of long-term debt is based on rates available to us at December 31, 2023 for long-term debt with similar terms and remaining maturities.
2.The value of our interest rate swap contracts and the current portions of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The non-current portions of our electricity swap contracts are included in other assets and other liabilities.
Disclosure of aging analysis of trade accounts receivable The aging analysis of trade accounts receivable is presented below:
As atDecember 31, 2024December 31, 2023
Trade accounts receivable
Current$175 $215 
Past due 1 to 30 days62 28 
Past due 31 to 60 days2 4 
Past due over 60 days— 3 
Trade accounts receivable239250
Sales taxes receivable2726
Other2835
Receivables$294$311
Disclosure of aggregate amount of contractual future cash outflows for long-term debt
The following table summarizes the maturity profile of our financial liabilities based on contractual undiscounted payments:
December 31, 2024Carrying valueTotal2025202620272028Thereafter
Long-term debt
$200 $200 $200 $— $— $— $— 
Interest on long-term debt1
2 6 6 — — — — 
Lease obligations29 38 11 6 4 3 14 
Payables and accrued liabilities590 590 590 — — — — 
Total
$821 $834 $807 $6 $4 $3 $14 
1.Assumes debt remains at December 31, 2024 levels and includes the impact of interest rate swaps terminating July 25, 2025.
The following table summarizes the maturity profile of our net derivative asset based on contractual undiscounted payments:
December 31, 2024
Carrying value - asset (liability)
Total inflows (outflows)
2025202620272028Thereafter
Electricity swaps$— $5 $(4)$(2)$(1)$(1)$14 
Total
$— $5 $(4)$(2)$(1)$(1)$14 
Disclosure of CAD dollar foreign currency balance sheet exposure
As at December 31, 2024, we had the following floating rate financial instruments:
Financial instrumentCarrying
value
Financial liability: Term loan$200 
Financial asset: Interest rate swap contracts$2